articles | 21 May 2021

Cyprus government’s fast track gets foreign companies going in 7 days

The Cypriot government has given an update on its fast track mechanism to facilitate foreign companies’ ability to relocate or open branch offices in our country —  more than 50 companies from Lebanon, Israel, Luxembourg, the United Kingdom and the United States, Cyprus, Russia and others have expressed interest.

The fast track mechanism was presented during a press conference on Wednesday, May 19, by the Minister of the Interior Nikos Nouris and Minister of Energy, Commerce and Industry Natasa Pilides.

“We are particularly happy to have representatives from foreign companies who have already set up offices in Cyprus here with us,” said Pilides during the press conference.

“I would like to assure them that myself and the other members of the fast track mechanism are here to help them in any way we can,” she added.

The fast track mechanism aims to expedite the servicing of any requests by existing or new businesses from both the European Union as well as other countries who wish to operate in Cyprus.

Companies who will be inducted into the fast track mechanism are expected to have their requests addressed and completed within 7 days starting from the day of their request being submitted.

“The philosophy behind this mechanism is that the companies participating in the scheme will be able to go through certain bureaucratic processes much faster than outside of the scheme,” said Pilides.

To be eligible for induction into the mechanism, interested companies and organisations must adhere to certain qualitative and quantitative criteria and are deemed to have the capacity to have a positive effect on economic development in Cyprus.

“It’s very important that companies who come to Cyprus truly have a physical presence and that they truly add value to our economy,” explained Pilides.

Companies who wish to participate in the fast track mechanism will need to have a physical presence in Cyprus, with its own self-standing offices.

New businesses will have to submit a five year business plan for review, while existing businesses will need to have a minimum annual turnover of €500,000 for a minimum of 3 out of the past 5 years.

Source: Cyprus Mail

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